HRSD ministry signs MoU to localize SAMA-supervised sectors

Logo of HRSD ministry

Ministry of Human Resources and Social Development (HRSD) signed a memorandum of understanding (MoU) with the Saudi Central Bank (SAMA) and the Human Resources Development Fund (Hadaf).

The MoU will aim to achieve cooperation between both the ministries and SAMA with regards to the localization of sectors supervised by the central bank.

It also targets raising the level of employees in entities supervised by SAMA in terms of localization and training, according to the ministry statement.

The agreement comes as part of the ministry's plans to build complementary relationships and strategic partnerships with various sectors to help achieve the targets of the National Transformation Program and Vision 2030.

According to data compiled by Argaam, the sectors supervised by SAMA include commercial banks, cooperative insurance companies, insurance-related freelance companies, finance companies, and credit information companies.